Gains stall above $2,500 per tonne The latest ILZSG data showed refined output contracted by 1% year on year in January-May, as disruptions at smelters in India (-7.1%), Canada (-3.8%) and Japan (-3%) compounded the bottleneck created by Chinese smelters. However Chinese refined output jumped to an annualized 6.16m tonne pace in June, from the 5.44m tonne pace averaged in January-May, according to NBS data, and reflects our current forecast for Chinese production to accelerate...
The LME three-month benchmark is consolidating above $2,400 per tonne at the start of this week after dollar-driven price gains stalled around $2,500 per tonne last week.
Smelter output starts accelerating...
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